Buyer Revealed for Knightvest Texas Property
The new owners have been active in the Lone Star State for years.
Knightvest Capital has sold its 216-unit community, Reagan at Bear Creek, in Euless, Texas for approximately $34 million, according to Yardi Matrix data. The buyer, TwinkleStar Asset, is a company spearheaded by Principals Ken and Wind Yue, a married couple who founded the platform in 2009.
The seller purchased the garden-style community in September 2017, financing the deal with a $20.7 million loan, according to the same data. Built in 1998, Reagan at Bear Creek offers one-, two- and three-bedroom units, ranging from 720 to 1,250 square feet. The community is 93.1 percent occupied.
During its six years of ownership, Knightvest executed a renovation and repositioning strategy that included installing quality finish-outs and upgrading the property’s amenities. As a result of the upgrades, units feature smart home technology, with select residences offering full-size washer-and-dryer units. Post-renovation community amenities include a pool, clubhouse and an outdoor bar and kitchen, as well as a dog park, fitness center and package lockers.
Located at 2001 Texas State Highway 360, Reagan at Bear Creek is located next to Bear Creek Park and across the highway from Bear Creek Golf Club. Dallas/Fort Worth International Airport is located nearby. The cities of Dallas and Fort Worth are a 20-minute drive away.
Histories of Lone Star State deals
TwinkleStar Asset has been active in Texas for years, selling Wedgewood and Villas Del Sol, two Fort Worth multifamily properties totaling 222 units, to a local private investor in 2020. The platform owns a platform worth $360 million across 4,470 units, according to its website.
Knightvest, which specializes in renovating and repositioning communities, has acquired $10 billion of assets totaling 55,000 units since 2007. The properties are located across high-growth metros in Texas, Arizona, Florida, and North and South Carolina. The firm’s Texas portfolio includes communities in Austin, Dallas, Fort Worth, Houston and other cities.
In September 2021, Knightvest sold The Heights in Arlington, Texas to TruAmerica Multifamily after beginning renovations at the 246-unit community. Knightvest has made two acquisitions in recent months, including the purchase of Autumn Ranch on Swenson Farms, a 336-unit community in Pflugerville, Texas, near the Austin metro.